FIRST SCHEDULE

BALOCHISTAN ZAKAT AND USHR BALOCHISTAN ZAKAT AND USHR ACT, 2012 An Act to make provisions relating to the assessment, collection and disbursement of Zakat and Ushr [Gazette of Balochistan, Extraordinary, 27th March, 2012] No.PAB/Legis:V(01)/2012, dated 27-3-2012.---Having been passed the Balochistan Zakat and Ushr Bill No.1 of 2012, by the Provincial Assembly of Balochistan on 20th March, 2012 and assented to by the Governor, Balochistan on 22nd March, 2012 is hereby published as an Act of the Balochistan Provincial Assembly. Preamble.--Whereas it is necessary to make provisions relating to the assessment, collection and disbursement of Zakat and Ushr and matters connected therewith or incidental thereto. And whereas Zakat, including Ushr, is one of the fundamental pillars (Arkan) of Islam; and prime objective of the collection of Zakat and Ushr, and disbursements therefrom, is to assist the needy, the indigent and the poor; And whereas the rates of Zakat and Ushr, as also the purposes for the utilization of Zakat and Ushr, are specified in Shariah; and And whereas Shariah enjoins all Muslims who are Sahib-e-Nisab to pay, and the State to arrange for the proper collection, disbursement and utilization of Zakat and Ushr, and also allows such Muslims to disburse for the purposes authorized by Shariah the part thereof not collected by the State; It is hereby enacted as follows:-- FIRST SCHEDULE (See sections 2 and 3) ASSETS SUBJECT TO COMPULSORY LEVY OF ZAKAT THROUGH DEDUCTION-AT-SOURCE FOR CREDIT TO THE ZAKAT FUND S. No. ASSETS RATE AND BASIS FOR COMPUTING THE AMOUNT TO BE DEDUCTED AS ZAKAT THE DEDUCTION DATE THE DEDUCTING AGENCY 1 Savings Bank accounts and similar accounts by whatever name described with the Banks operating Post Offices, National Savings Centres and Financial institutions keeping such accounts. 2.5% of the amount standing to the credit of an account at the commence-ment of the day on the valuation date (No deduction shall be made in case the amount standing to the credit of an account does not exceed the amount notified by the Chief Adminis-trator). As notified by the Chief Administrator for the Zakat year. The Bank, Office, Centre or institution as the case may be keeping the account. 2 Notice Deposit Receipts and accounts and similar receipts and accounts by whatever name described with the banks operating post offices, National Savings Centres and financial institutions issuing such receipts and keeping such accounts. 2.5% of the face value of a receipt or the amount standing to the credit of an account as the case may be at the commencement of the day on the valuation Date, in each Zakat year. The Date on which the first return is paid or the date of encashment/ withdrawal, whichever be earlier in the Zakat year. The bank, office, Centre or institution, as the case may be issuing the receipt or keeping the account and responsible for paying the return or the amount en-cashed/ with-drawn. 3. Fixed Deposit Receipts and accounts and similar receipts and accounts and certificates (e.g. Khas, Deposit Certificates), by whatever name described, issued by the banks operating post office, National Savings Centres and financial institutions, on which return is receivable by the holder periodically or is received earlier than maturity or withdrawal. 2.5% of the face value of receipt or certificate, or the amount standing to the credit of an accounts as the case may be. As at the Valuation Date, in each Zakat year. The date on which the first return is paid. Or the date of encashment/ redemption/ withdrawal, whichever be earlier in the Zakat year. The bank, office, Centres, or institutions, as the case may be, issuing the receipt or certificate or keeping the account, and responsible for paying the return or encashment/ redemption/ withdrawal. 4. Savings/ deposit certificates (e.g. Defense Savings Certificates, National Deposit Certificates), receipts and accounts by whatever name described, issued or kept by the banks operating in Post Offices, National Savings Centres financial institutions, companies and statutory corporations on which return is receivable and is received, by the holder, only on maturity or encashment. 2.5% of the payable value of certificates or receipts or the amount standing to the credit of an account, as the case may be, as on the Valuation Date. The Date on which the maturity value is paid or of encashment/ withdrawal. The bank, office, centre, company or corporation, as the case may be, responsible for paying the return or the amount withdrawn, or redeeming en-cashing the certificates or receipts. 5. Units of the National Investment (Unit) Trust. 2.5% of the face value or repur-chased value of the units whichever be lower, as on the Valuation, Date, in each Zakat year. The date on which the first return or the repurchase value is paid whichever be earlier in the Zakat year. The Trustee of the National Investment (Unit) Trust or its authorized agent paying the return on, or the repurchase value of, the Units. 6. I.C.P. Mutual Fund Certificates. 2.5% of the face value, of the market value based on the closing rate at the Stock Exchange, Whichever be lower as on the Valuation Date, in each Zakat year. The date on which the first return is paid in the Zakat year. The Investment Corporation of Pakistan. 7. Government securities (other than prize bonds and certificates mentioned at serial numbers 3 and 4) on which return is receivable by the holder periodically. 2.5% of the face value of the Government securities as on Valuation Date, in each Zakat year. The date on which the first return is paid on the date of encashment/ redemption, whichever be earlier in the Zakat year. The bank office or institution, as the case may be, responsible for paying the return or en-cashing/ redeeming the security. 8 Securities including shares and debentures (other than those mentioned at serial numbers 5, 6 and 7 above), of companies or statutory corporations (excluding those held in the name of a company or a statutory corporation. On which return is payable periodically or otherwise, and is paid. If listed on the stock exchange, 2.5% The date on which the first return is paid, or the date of encashment redemption whichever be earlier in the Zakat year. The corporation, company or institution, as the case may be, responsible for paying the return or en-cashing/ redeeming, the security. 9. Annuities. 2.5% of the amount of annuity benefit in each Zakat year and, in case of surrender, 2.5% of the surrender value on the Valuation Date, as the case may be. The date of first payment of the annuity benefit and of the surrender value. The insurer or the bank keeping and the amount in the form of an annuity. 10. Life insurance policies. 2.5% of the surrender value as on the advance, date in the Zakat year in which the policy matures benefit survival benefit or surrender value is paid, as the case may be. The date of payment of (maturity value) or of survival benefit or of surrender value. The insurer. 11. Provident funds. In case of non-refundable advance, 2.5% of the amount drawn or, in case of final settlement, 2.5% of the balance standing to the credit of the subscriber as on the Valuation date, excluding in both cases the employer's contribution and the return accrued thereon. The date of payment of the advance or of the balance. The authority officer or institution making, payment of the advance or of the balance. Note.---1. Deduction at source exceeding two and one-half per cent of the value of an asset specified in this Schedule shall not be made in respect of that asset within the same Zakat year. 2. No Zakat shall be charged on the amount paid as premium of a life insurance policy of a person from his Provident Fund and, where the proceeds of a life insurance policy of a person are credited to this Provident Fund during a Zakat year, to the extent of the proceeds so credited. 3, If the amount to be deducted at source as Zakat, in particular case, is less than a rupee, it shall not be charged, and, if it is more than a rupee but has fraction of a rupee, fifty paisas and more shall be treated as the next higher rupee and less than fifty paisas shall not be charged, where the entire amount of the return of balance is to be appropriated towards Zakat, and the amount contains a fraction of a rupee, this fraction shall not be so appropriated. 4. The Deduction date shall be deemed to be a public holiday, for banks only, within the meaning of the Negotiable Instruments Act, 1881 (XXVI of 1881) Banks shall, however, remain open for their employees. 5. In case the amount of the first return on any of the assets specified at S.Nos. 2, 3 and 5 to 8, 18 is than the Zakat due the entire amount of such return shall be appropriated towards Zakat and the unrealized balance shall be deducted from the subsequent returns paid during the same Zakat year or as the case may be, from the encashment or surrender value. SECOND SCHEDULE [See sections 2, 3 (5) and 5] ITEMS NOT SUBJECT TO COMPULSORY LEVY OF ZAKAT BUT ON WHICH ZAKAT IS PAYABLE BY EVERY SAHIB-E-NISAB ACCORDING TO THE RELEVANT NISAB, ON SELF-ASSESSMENT BASIS, EITHER TO A ZAKAT FUND OR TO ANY INDIVIDUAL OR INSTITUTION ELIGIBLE, UNDER THE SHRIAH, TO RECEIVE ZAKAT. S.NO. ITEMS RATE AND BASIS FOR SELF-ASSESSMENT. 1. Gold and silver and manufactures thereof 2.5% of the market value as on the Valuation Date. 2. Cash. 2.5% of the amount as on the Valuation Date. 3. Prize bonds 2.5% of the face value as on the Valuation Date. 4. Current accounts and foreign currency accounts and to be extent not subject to compulsory levy of Zakat under the First Schedule, other accounts, certificates, receipts, units of National Investment (Unit) Trust, ICP-Mutual Fund Certificates, Government securities, annuities, Life Insurance Policies and Provident Funds. 2.5% of the value of the asset, as on the Valuation Date. 5. Loans receivable excepting loans receivable by banks, other financial institutions, statutory corporations and companies. 2.5% of the amount of loan receivable, as on the Valuation Date. 6. Securities including shares and debentures, to the extent not subject to compulsory levy of Zakat under the First Schedule. If listed on the stock exchanges, 2.5% of the market value i.e. the closing rate of the Stock Exchange as on the Valuation Date, and If not listed on the stock exchange, 2.5% of the paid-up value as on the Valuation Date. 7. Stock in trade of:--- (a) Commercial undertakings including dealers in real estate; (b) Industrial undertakings. (c) Precious metals and stones and manufactures thereof. (d) Fish and other catch/procedure of the sea, except catches by indigenous techniques. (a) 2.45% of the book value or at the option of Sahib-e-Nisab, the market value as on the Valuation Date. (b) 2.5% of the book value or at the option of the Sahib-e-Nisab the market value of raw material and finished goods as on the valuation date. (c) 2.5% of the market value, as on the Valuation Date. (d) 2.5% of the value, as on the Valuation Date. 8. Agricultural/including horticultural and forest produce: (a) Tenant's share. (b) Other than the tenant's share. (a) (i) 10% of the produce, as on the Valuation Date, in the barani area; and (b) (i) 5% over and above the compulsory 5% in the barani area, as on the Valuation Date; and (ii) One-fourth of the value of produce allowed as an allowance for expenses on production. 9. Animals (fed free in pastures) (a) Sheep or goat. (b) Bovine Animals (c) Camels As on the Valuation Date: (a) (i) For owners of one to 39 heads nil; (ii) For owners of 40 to 120 heads; one sheep/goats; (iii) For owners of 121 to 200 heads two sheep/goats; (iv) For owners of 201 to 399 heads, three sheep/goats; and (v) For owners of every complete additional hundred heads one sheep/goat. (b) (i) For owners of one to 29 heads, nil; (ii) For owners of 30 to 39 heads: one calf between one year and two years old. (iii) For owners of 40 to 59 heads; one calf (iv) between two years and three years old; (v) For owners of 60 to 69 heads; two calves between one year and two years old; (vi) For owners of 70 to 79 heads; one calf between one year and two years old and one between two years and three years old; (vii) For owners of 80 to 89 heads; two calves between two years and three years old; and (viii) For owners of 90 to 99 heads; three calves between one year and two years old; and (ix) For owner of 100 and above 100 heads as in Shariah. (c) (i) For owners of one to 4 heads; nil: (ii) For owners of 5 to 24 heads: one sheep/goat for every five heads; (iii) For owners of 25 to 35 heads: one she-camel between one year and two years old; (iv) For owners of 36 to 45 heads: one she-camel between three years and four years old; (v) For owners of 46 to 60 heads: one she-camel between four years and five years old; (vi) for owners of 61 to 75 heads: two she-camel between two years and three years old; (vii) For owners of 91 to 120 heads: two she-camel between three years and four years old; and (viii) For owners of more than 120 heads: as in Shariah; as per Shariah. 10. Wealth and financial assets other than those listed in schedule on which Zakat is payable according to Shariah. (a) (i) for owners of one to 39 heads-nil; (ii) or owners of 40 to 120 heads: one sheep/goat; (iii) for owners of 121 to 200 heads: two sheep/goats; (iv) for owners of 201 to 400 heads: three sheep/goats; and (v) for owners of every complete additional hundred heads: one sheep/goat, as on the valuation date. (b) (i) For owners of one to 29 heads: nil (ii) For owners of 30 to 39 heads one year's old calf; (iii) For owners of 40 to 59 heads two years old calf; (iv) For owners 60 of heads and every additional 10 heads one year old calf for each 30 heads and two years old calf for each 40 each 40 heads as on the valuation date. (c) (i) For owners of one to 4 heads, Nil (ii) For owners of 5 to 25 heads: one (iii) For owners of 26 to 35 heads: one she-camel between one year and two years old; and (iv) For owners of 36 to 45 heads: one she-camel between two and three years old, and so on, as on the Valuation Date. 11. Fish and other catch/produce of the sea, except catches by indigenous techniques. 2.5% of the value, as on the Valuation Date. 12. Mineral Production. 5% of Market Value of the mineral excavated as on the valuation date.